SHARE THIS POST
The top 10 markets for house price growth in Sydney, Melbourne and Brisbane has been identified, with new analysis forecasting that Brisbane could outshine its southern counterparts in the next three years.
The analysis by Select Residential Property expects median house prices in the top Brisbane suburbs could rise between 23 and 25 per cent over the next three year period.
This follows the latest findings from BIS Oxford Economics which forecasts Brisbane’s median house price to rise by 20 per cent over the three years to June 2022, with unit price growth expected to increase by 14 per cent.
While a total increase of 6 per cent is forecast for Sydney’s median house price, and Melbourne 7 per cent for the three years to June 2022, according to the economic forecaster.
Despite Sydney and Melbourne’s housing price slump in recent years, Select Residential Property research director Jeremy Sheppard says the findings reinforce that locations where demand remains stronger than supply still record price growth in all market conditions.
“It’s no surprise that the top picks for Sydney are located in the Upper North Shore and Northern Beaches where buyer demand is still robust,” Sheppard said.
The analysis shows Sydney’s inner city suburb Roseville Chase, with a median house price of $2.035 million is forecast to rise to $2.46 million over the three year period.
While Yarrawarrah, which sits 32 kilometres south of Sydney CBD, has the lowest median house price on Sydney’s top suburb list at $912,524, with a forecast it could increase 20 per cent over the next three years.
Inner city suburb Balaclava ranks in first place of the Melbourne list. The analysis forecasts it could record 20 per cent growth over the three year period.
“However, the Melbourne top 10 list also includes a number of more affordable suburbs, such as Watsonia North and Gladstone Park, were house prices are forecast to strengthen by 18 per cent and 17 per cent respectively over three years,” Sheppard said.
As for Brisbane’s market, inner-city suburb Red Hill and Keperra located nine kilometres northwest of Brisbane CBD topped the list.
Sheppard says median house prices could potentially increase by about $215,000 and $130,000 respectively for the period.
Red Hill, which has a current median house price of $851,016 comprises renovated timber and tin homes. While Kepperra, with a median house price of $535,195, has more affordable housing options with renovation potential.
Source: Urban Developer